Meitu Purchases $22 Million In ETH

Altcoins Bitcoin Cryptocurrency Ethereum News

The Chinese photo application by the name of Meitu had recently sent shockwaves in the world of digital trading when it invested $22 million into Ethereum. It also became the inaugural public company to successfully list Ethereum on its respective treasury books. This is all part of the company’s new investment and marketing strategy, and in addition to Ethereum, they have also invested in Bitcoin as of late too.

Meitu makes an announcement about purchasing ETH and BTC

For those who might not be aware, Meitu is a photo editing application widely available in China. Furthermore, the app is listed on the Hong Kong Stock Exchange and has enjoyed considerable success in the mainland, most notably being utilized by teenagers and young adults. Just three days ago, however, the company had announced that not only have they successfully been investing in both Ethereum and Bitcoin, but upon full disclosure, it was revealed that they actually possess well above $40 million in terms of investment for both platforms.

The Chinese company had additionally announced on March 7th, that they had made further purchases of approximately 15,000 ETH as well as nearly 400 BTC. This purchase is all part of an ongoing investment plan which will utilize cash reserves going forward. Meitu’s primary business focus may be in video and image processing and social media; however, this has clearly not deterred them from making investments in cryptocurrency either.

Meitu motivated by money printing

As per the aforementioned announcement, Meitu had stated that its Board of Directors views blockchain as essentially being in a constant state of analogous as compared to the industries relating to the use of mobile internet connections and distribution.

Meitu had also claimed that cash was always subject to gradual depreciation, which itself is due largely to steady yet aggressive increases in both money supply by central banks and treasury management. This was, in fact, a direct reference to the incessant money printing being carried out via central governments in 2020.

Ultimately, whereas many businesses have primarily stuck with either Bitcoin or Ethereum, Meitu has shown that it is possible to invest in both successfully.

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